Having taken the construction business of Shapoorji Pallonji Group from a turnover of $20 million (around Rs 100 crore) to $1.5 billion currently (around Rs 7,500 crore), Cyrus P Mistry, at 43 has a bigger challenge at hands — to leapfrog the next level of growth for the $83 billion Tata Group.
A civil engineer from Imperial College, UK and M.Sc in management from London Business School, Cyrus P Mistry, at the age of 23 joined the board of Shapoorji Pallonji & Co as a director in 1991 and has been at the helm of the construction business of the group.
Till his appointment as the deputy chairman of Tata Sons, Mistry was the managing director of Shapoorji Pallonji & Co and chairman of Afcons Infrastructure. He was appointed on the board of Tata Sons in 2006 and has gained close familiarity with the group since then.
Under his tenure the Group’s businesses evolved from pure construction to executing projects under design and build and EPC delivery methodologies, implementing complex projects in the marine, oil & gas, and rail sectors. The Group also extended the presence of its construction business across 10 countries under his tenure.
Mistry has also been instrumental in the diversification of the group’s business as he led to the launch of the infrastructure development vertical in the Shapoorji Pallonji Group in 1995 with a 106 MW power project in Tamil Nadu. The infra vertical has also developed two large road projects totalling an investment of $550 million. He also guided the Group’s foray into agriculture and biofuels, with the leasing of 50,000 hectares in Ethiopia.
Adar Poonawalla, Executive Director Serum Group of industries, said, “I have known Cyrus for a number of years. His being announced as the successor is very good news. I wish him all the best and I am sure he will do very well in his new role. Being a Parsi and the largest share holder in the group will also hold him in good stead and will help prevent any controversy to his appointment. I think it’s a very good decision.”